# Consumption Decomposition: Z -> Consumption Components

| Model | Dep Var | N | Countries | R2 |
|---|---|---|---|---|
| Z -> private consumption | private_consumption_gdp | 1,596 | 54 | 0.206 |
| Z -> govt consumption | govt_consumption_gdp | 1,596 | 54 | 0.091 |
| Z -> adj net savings | adj_net_national_savings | 1,423 | 56 | 0.175 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| Z -> private consumption | Z_1 | -116.3210 | 23.0202 | 0.0000 | *** |
| Z -> private consumption | Z_2 | 14.9308 | 3.4226 | 0.0000 | *** |
| Z -> private consumption | Z_3 | -0.5494 | 0.1409 | 0.0001 | *** |
| Z -> govt consumption | Z_1 | -22.1573 | 11.6619 | 0.0576 | * |
| Z -> govt consumption | Z_2 | 3.3875 | 1.7273 | 0.0500 | * |
| Z -> govt consumption | Z_3 | -0.1366 | 0.0704 | 0.0525 | * |
| Z -> adj net savings | Z_1 | 76.6417 | 28.5207 | 0.0073 | *** |
| Z -> adj net savings | Z_2 | -9.7583 | 4.1725 | 0.0195 | ** |
| Z -> adj net savings | Z_3 | 0.3349 | 0.1670 | 0.0451 | ** |

*Consumption decomposition: demographics -> consumption components*